[POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦

[deanpreese66]

I unfortunately agree with Vlad.

Bitcoin was the pioneer. Don't forget that Bitcoin gained notoriety because of Silk Road and the illegal transactions. Still the only reason it has any value today is that bridges the virtual/physical gap.

I LOVE the concept and draw of Potcoin, but bridging that gap in the Cannabis world is critical.  At every opportunity for  positive press to be released, it needs to be ... even if its a trial, experiment or beta.  The BUZZ needs to grow and Potcoin needs to grow into is tagline.

As an investor and interested party --  Here are some key things:

1)  There needs to be a very conscious effort to legitimize the coin and efforts. As a start, the Website needs to have clear BIOS of all major participants and officers and all also a very clear view into their POT holdings. All participants need to be referenced by name and communication channels need to be opened.

2)  We have heard so much about Denver -- where are the press releases ?  One press release would make this coin skyrocket and firmly place it out front in the niche.

3)  Devs need to fix the bugs and issues.

4) Engage the community.  The DOGE community is huge and strong -- it is got there by being very active here, Reddit, Twitter, etc.  This needs to be a priority -- get the word out on a daily basis about why and how POT will become the best thing in the Cannabis world.

These are simple things that would kill all the rumors and trash talking and at the same time give immense confidence to this coin and community.


FINALLY  -- if you are not part of the solution,  your part of the problem .....  I own and run a software/web development company and am also a 20+ investor in virtually every traded market. I would be happy to pitch in and help.



The growth of this coin and concept relies on trust, focus and transparency.  Without those things serious investors will eventually walk away.

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[Viceroy]

Looks like potcoin lost the race...
http://finance.yahoo.com/news/mediswipe-inc-announces-green-light-130000934.html

Legal marijuana is a multi-Billion dollar industry and this was always going to happen that banks and credit card agencies would find a way in.  It changes very little in that most people buying pot do not want to put a charge on their credit card that documents a transaction that is federally illegal. Retail outlets do not want their money in banks under federal oversight when anything with pot, even selling pipes is considered a federal crime (The feds put Tommy Chong in federal prison for nine months and fined him $20,000 for selling blown glass bongs). Likewise growers want anonymity not credit cards payments leading to bank transfers and records that for all we know are monitored by NSA. In states with legal medical marijuana there are few if any protections for growers, distributors, or drivers.
Here is a Washington Post article from earlier this week about the federal government seizing the bank account of a perfectly legal grocery store: http://www.washingtonpost.com/opinions/george-f-will-the-heavy-hand-of-the-irs/2014/04/30/7a56ca9e-cfc5-11e3-a6b1-45c4dffb85a6_story.html -- imagine what could happen to a dispensary or retail outlet that is conducting business, the feds consider illegal, if that business put their money in a bank under federal oversight? The vast majority of the legal marijuana business is still going to want an anonymous payment system, and cash while anonymous, is problematic. Potcoins offer fast, secure, anonymous payments where you don't have to even meet with the other party to make or receive payments.

You make many assumptions which are likely untrue.  The assumption that people would not want to use their credit cards is unfounded as many many people buy from dispensaries with their debit cards today.  The assumption that regulated retailers don't want a bank account or that these people don't trust banks is absurd.  A simple conversation or review of major press indicates that dispensary owners are BEGGING for bank accounts.  The notion that growers are afraid of the NSA is folly, you may be afraid of the NSA but those of us in the industry don't give a rats ass about the NSA.

Then you throw in a story about some guy having his bank account seized and that makes what point?

So back to MY point... it looks like the banking problem has been solved.  
So where is the value in potcoin at this point?  
Isn't this exactly what potcoin was looking to solve?  

They just put two atm's in Denver, right?  
How many accounts have they won?  
Any?  A single one?  no?  

Then why is anyone supporting this non-sense coin that solves no known problem?

[vesperwillow]

While I get the spirit of what Jamis is saying, the reality is slightly different. The NSA, if /that/ concerned, would simply have field agents on the ground working the social factor. They'd be a paid worker like everyone else, growing, trimming, shipping, etc. Inside information is cheap and easy.

Also, the US govt got turned on once they saw how easy it was to trace cryptocurrency transactions. With potcoin it's no different. There's a fiat input and output at some point, and everything between is traceable easily by computer. To think it's anonymous is a bit silly.

To see it as a useful payment system, then yes it would be that.

I still support potcoin.. we'll see where it goes.

[amarian12]

http://p2pool.e-pool.net:8989/static/

[Chronikka]

Looks like potcoin lost the race...
http://finance.yahoo.com/news/mediswipe-inc-announces-green-light-130000934.html

Legal marijuana is a multi-Billion dollar industry and this was always going to happen that banks and credit card agencies would find a way in.  It changes very little in that most people buying pot do not want to put a charge on their credit card that documents a transaction that is federally illegal. Retail outlets do not want their money in banks under federal oversight when anything with pot, even selling pipes is considered a federal crime (The feds put Tommy Chong in federal prison for nine months and fined him $20,000 for selling blown glass bongs). Likewise growers want anonymity not credit cards payments leading to bank transfers and records that for all we know are monitored by NSA. In states with legal medical marijuana there are few if any protections for growers, distributors, or drivers.
Here is a Washington Post article from earlier this week about the federal government seizing the bank account of a perfectly legal grocery store: http://www.washingtonpost.com/opinions/george-f-will-the-heavy-hand-of-the-irs/2014/04/30/7a56ca9e-cfc5-11e3-a6b1-45c4dffb85a6_story.html -- imagine what could happen to a dispensary or retail outlet that is conducting business, the feds consider illegal, if that business put their money in a bank under federal oversight? The vast majority of the legal marijuana business is still going to want an anonymous payment system, and cash while anonymous, is problematic. Potcoins offer fast, secure, anonymous payments where you don't have to even meet with the other party to make or receive payments.

You make many assumptions which are likely untrue.  The assumption that people would not want to use their credit cards is unfounded as many many people buy from dispensaries with their debit cards today.  The assumption that regulated retailers don't want a bank account or that these people don't trust banks is absurd.  A simple conversation or review of major press indicates that dispensary owners are BEGGING for bank accounts.  The notion that growers are afraid of the NSA is folly, you may be afraid of the NSA but those of us in the industry don't give a rats ass about the NSA.

Then you throw in a story about some guy having his bank account seized and that makes what point?

So back to MY point... it looks like the banking problem has been solved.  
So where is the value in potcoin at this point?  
Isn't this exactly what potcoin was looking to solve?  

They just put two atm's in Denver, right?  
How many accounts have they won?  
Any?  A single one?  no?  

Then why is anyone supporting this non-sense coin that solves no known problem?

The banking situation is certainly not solved...MediSwipe is a step in the right direction, a step back for Potcoin. But certainly nothing that will derail this coin. MediSwipe is still a cash company. They are Paypal of the Medical world.

Merchants are completely at the mercy of whatever rules or fees that company chooses to impose. Not so with Potcoin.

As for your "account" comment...well I don't know exactly what you mean by account and I'm not even sure you do. But the dev's have signed a deal with River Rock where POT is accepted at their locations.

[Viceroy]

As for your "account" comment...well I don't know exactly what you mean by account and I'm not even sure you do. But the dev's have signed a deal with River Rock where POT is accepted at their locations.

I looked through river rock's site and I don't see any mention of potcoin....


  

[Chronikka]

As for your "account" comment...well I don't know exactly what you mean by account and I'm not even sure you do. But the dev's have signed a deal with River Rock where POT is accepted at their locations.

That's fascinating.  Unfortunately Riverrock will be dropping potcoin in a few days because we just solved their banking problem.  That was the first dispensary to sign up under the new banking program.  Small world

As for your "account" comment...well I don't know exactly what you mean by account and I'm not even sure you do. But the dev's have signed a deal with River Rock where POT is accepted at their locations.

I looked through river rock's site and I don't see any mention of potcoin....

No mention of this new banking program either...whats your point?

[dogechode]

Guys, people don't only use crypto to buy things from places where they can't use a credit card and/or they expect to be "anonymous." If anyone seriously still thinks crypto is anonymous they need to get their head examined. And most places where Bitcoin is accepted, credit cards are accepted too. Yet some people pay with BTC.

[Viceroy]

No mention of this new banking program either...whats your point?

Believe me, their signing up for an actual bank account is true news.  They will mention it once approved.  They may become the very first dispensary to have an actual bank account.

[Dabs]

Not any coin specific, (except maybe bitcoin itself), Dark Wallet... has built in CoinJoin and other mixing and anonymity features.

Crypto currencies can be as anonymous as you can make it. While it's true you can trace or track transactions, you have no proof of who really owns or does not own the next address in the blockchain.

That, and when coins exchange from bitcoin, to potcoin, to litecoin, to whatever-coin.... gets a lot harder.

[piropig]

Everyone does realize that you can use POT on many different websites to purchase everything from shoes and sunglasses to pipes.  If you say what is the point of this coin when banks are allowing debit/CC or there is mediswipe, then what is the point of having BTC or DOGE.  The whole point of POT is to make it cheaper for not only dispensaries but head shops and online retailers.  They use this coin and save on fees from credit card companies.  If you think this coin is pointless why are you getting involved with the forums.  Move on to something that you feel makes since to you!!  

Everyone has to know for the Crypto world to become a huge success and viable for every retailer in the world to use,  there will have to be some sort of regulation by governments and some sort of tax.  Otherwise it will all end up in the gutter. If there is no regulation or taxation then most govts will ban it and then most retailers at least most legit retailers will not accept crypto coins.  It is all a work in progress that will be a huge success in the coming years.  Everyone should use their coins as often as possible to promote this world.  
This is my opinion.  Peace

[Chronikka]

Everyone does realize that you can use POT on many different websites to purchase everything from shoes and sunglasses to pipes.  If you say what is the point of this coin when banks are allowing debit/CC or there is mediswipe, then what is the point of having BTC or DOGE.  The whole point of POT is to make it cheaper for not only dispensaries but head shops and online retailers.  They use this coin and save on fees from credit card companies.  If you think this coin is pointless why are you getting involved with the forums.  Move on to something that you feel makes since to you!!  

Everyone has to know for the Crypto world to become a huge success and viable for every retailer in the world to use,  there will have to be some sort of regulation by governments and some sort of tax.  Otherwise it will all end up in the gutter. If there is no regulation or taxation then most govts will ban it and then most retailers at least most legit retailers will not accept crypto coins.  It is all a work in progress that will be a huge success in the coming years.  Everyone should use their coins as often as possible to promote this world.  
This is my opinion.  Peace

That's what I've been saying more or less. Spend your coins  

And you're right Potcoin can be used for many other things. But the reality is, only the marijuana industry is going to popularize the coin. Normal people are not going to use Potcoin in their daily lives. Thats what Bitcoin, Litecoin, etc are for.

I imagine at some point in the future the average person will have multiple wallets, or even one integrated wallet that supports many coins. We are at a point where coins can be designed for specific functions, like long term savings, or short term spending. Fast confirmation times and lots of coins for everyday spending for example.

Potcoin just needs to finds its function in the crypto world. We are making good progress...but unfortunately so is the competition.

[vesperwillow]

It doesn't help that the website doesn't have an easy access link to where potcoin is being accepted--unless I missed it.

Prominently displayed is the 800 number, places to buy potcoin, accept potcoin, etc. But no link for merchants. While this may be elsewhere, it should be right on the main website headers.

I'm guessing it's somewhere and I missed it, but that's my point--if I don't know of places I can spend it ..........

They also continue to proclaim being THE OFFICIAL coin of pot, but they're not. They're one of several, until one is clearly chosen by the community and heralded by 3rd party groups as the official coin.

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[sirsmokesalot]

They also continue to proclaim being THE OFFICIAL coin of pot, but they're not. They're one of several, until one is clearly chosen by the community and heralded by 3rd party groups as the official coin.

I think it is attention grabbing, and there is no regulation. How does one even become the official crypto currency of any industry? You just say you are, and make it as so. Just saying you are is not enough though, you need to make it as such. I am hoping that it is coming.

Have you been to the stores lately and looked at your food containers to see NATURAL flavoring on it. Only to find out NATURAL apple flavor, contains no apples. The flavoring, some chemical combination, taste like that, of natural apples, so they can call it as such.

I can see wanting to come down on the coin for making lofty claims, it almost makes ya wanna roll your eyes, like really? the official coin? Pretty much what you are saying, but from a marketing stand point. The general consumer does not stop and over analyze everything, they do not have time. Having words like official def helps create an air of authority and such. I think the people who feel as we do are in a minority, a majority of people are just too stupid to understand what any of it means and do what their friends do and need buzz words like official to add validity to their choice in potcoin. "so why did you choose potcoin over dopecoin or hempcoin?" "well, the site said it was the official currency of the industry." Sad, but true.

Thinking about it as a goal for them, perhaps. The more you say something the more true it becomes and the more likely you are to achieve that goal, just mental conditioning. I would rather have the devs wake up each morning thinking they are running THE crypto of the pot industry rather than have them waking up thinking they were running just another shit coin. Ain't nothin wrong with that.

[dwolfx]

Whats a good website to buy pot related products? with potcoins ;p I kinda wana spend a few, O wait NVM ^ lol

[PotCoin]

No mention of this new banking program either...whats your point?

Believe me, their signing up for an actual bank account is true news.  They will mention it once approved.  They may become the very first dispensary to have an actual bank account.

Hey viceroy

We worked with tony and earnest while i was denver, and we are working out the details of accepting potcoins and the placement of the 2 atms at both the river rock location.
We will be finlazing things with them this week and we will do a press release with river rock and the potcoin atm.
 
We will update everyone once we have the final details

[PotCoin]

It doesn't help that the website doesn't have an easy access link to where potcoin is being accepted--unless I missed it.

Prominently displayed is the 800 number, places to buy potcoin, accept potcoin, etc. But no link for merchants. While this may be elsewhere, it should be right on the main website headers.

I'm guessing it's somewhere and I missed it, but that's my point--if I don't know of places I can spend it ..........

They also continue to proclaim being THE OFFICIAL coin of pot, but they're not. They're one of several, until one is clearly chosen by the community and heralded by 3rd party groups as the official coin.

Smokepotcoins.com lists places that accept potcoin.

[PotCoin]

Looks like potcoin lost the race...
http://finance.yahoo.com/news/mediswipe-inc-announces-green-light-130000934.html

Legal marijuana is a multi-Billion dollar industry and this was always going to happen that banks and credit card agencies would find a way in.  It changes very little in that most people buying pot do not want to put a charge on their credit card that documents a transaction that is federally illegal. Retail outlets do not want their money in banks under federal oversight when anything with pot, even selling pipes is considered a federal crime (The feds put Tommy Chong in federal prison for nine months and fined him $20,000 for selling blown glass bongs). Likewise growers want anonymity not credit cards payments leading to bank transfers and records that for all we know are monitored by NSA. In states with legal medical marijuana there are few if any protections for growers, distributors, or drivers.
Here is a Washington Post article from earlier this week about the federal government seizing the bank account of a perfectly legal grocery store: http://www.washingtonpost.com/opinions/george-f-will-the-heavy-hand-of-the-irs/2014/04/30/7a56ca9e-cfc5-11e3-a6b1-45c4dffb85a6_story.html -- imagine what could happen to a dispensary or retail outlet that is conducting business, the feds consider illegal, if that business put their money in a bank under federal oversight? The vast majority of the legal marijuana business is still going to want an anonymous payment system, and cash while anonymous, is problematic. Potcoins offer fast, secure, anonymous payments where you don't have to even meet with the other party to make or receive payments.

You make many assumptions which are likely untrue.  The assumption that people would not want to use their credit cards is unfounded as many many people buy from dispensaries with their debit cards today.  The assumption that regulated retailers don't want a bank account or that these people don't trust banks is absurd.  A simple conversation or review of major press indicates that dispensary owners are BEGGING for bank accounts.  The notion that growers are afraid of the NSA is folly, you may be afraid of the NSA but those of us in the industry don't give a rats ass about the NSA.

Then you throw in a story about some guy having his bank account seized and that makes what point?

So back to MY point... it looks like the banking problem has been solved.  
So where is the value in potcoin at this point?  
Isn't this exactly what potcoin was looking to solve?  

They just put two atm's in Denver, right?  
How many accounts have they won?  
Any?  A single one?  no?  

Then why is anyone supporting this non-sense coin that solves no known problem?

Right before leaving denver i was with the river rock guys talking about potcoin and how it would help them. They told me the day before they had one of their bank accounts closed after a while of having it.

They told me that they are still facing major issues and also mainly the paying of taxes on employes who work at the dispensary who they have to pay 30 percent in taxes because of the law of cannabis distribution.
If they can use potcoins to pay for their salary then they would be saving those taxes.
It can also be used as a reward system for dispenaries to give potcoins out to customers.

We are planing to give all dispensaries who accept potcoin a bunch of free coins to start to.give them away to clients and getting them to used to using them.

Just because mediswipe offers 1 solution doesnt mean potcoin is now useless..

People have 4 or 5 credit cards or debit cards. Merchants can accept multiple methods of payment.

Potcoin is working on a few ways to pay merchants, exployes and bills.  We are working directly with dispensaries to see how potcoin can help them and make solutions to help them be more secure and facilitate the daily transactions.

I waited at most dispensaries to get cash from the atm then again in line to pay.

Potcoin is way easier i find.

Viceroy id like to know what you think about better solutions.

[Chronikka]

Looks like potcoin lost the race...
http://finance.yahoo.com/news/mediswipe-inc-announces-green-light-130000934.html

Legal marijuana is a multi-Billion dollar industry and this was always going to happen that banks and credit card agencies would find a way in.  It changes very little in that most people buying pot do not want to put a charge on their credit card that documents a transaction that is federally illegal. Retail outlets do not want their money in banks under federal oversight when anything with pot, even selling pipes is considered a federal crime (The feds put Tommy Chong in federal prison for nine months and fined him $20,000 for selling blown glass bongs). Likewise growers want anonymity not credit cards payments leading to bank transfers and records that for all we know are monitored by NSA. In states with legal medical marijuana there are few if any protections for growers, distributors, or drivers.
Here is a Washington Post article from earlier this week about the federal government seizing the bank account of a perfectly legal grocery store: http://www.washingtonpost.com/opinions/george-f-will-the-heavy-hand-of-the-irs/2014/04/30/7a56ca9e-cfc5-11e3-a6b1-45c4dffb85a6_story.html -- imagine what could happen to a dispensary or retail outlet that is conducting business, the feds consider illegal, if that business put their money in a bank under federal oversight? The vast majority of the legal marijuana business is still going to want an anonymous payment system, and cash while anonymous, is problematic. Potcoins offer fast, secure, anonymous payments where you don't have to even meet with the other party to make or receive payments.

You make many assumptions which are likely untrue.  The assumption that people would not want to use their credit cards is unfounded as many many people buy from dispensaries with their debit cards today.  The assumption that regulated retailers don't want a bank account or that these people don't trust banks is absurd.  A simple conversation or review of major press indicates that dispensary owners are BEGGING for bank accounts.  The notion that growers are afraid of the NSA is folly, you may be afraid of the NSA but those of us in the industry don't give a rats ass about the NSA.

Then you throw in a story about some guy having his bank account seized and that makes what point?

So back to MY point... it looks like the banking problem has been solved.  
So where is the value in potcoin at this point?  
Isn't this exactly what potcoin was looking to solve?  

They just put two atm's in Denver, right?  
How many accounts have they won?  
Any?  A single one?  no?  

Then why is anyone supporting this non-sense coin that solves no known problem?

Right before leaving denver i was with the river rock guys talking about potcoin and how it would help them. They told me the day before they had one of their bank accounts closed after a while of having it.

They told me that they are still facing major issues and also mainly the paying of taxes on employes who work at the dispensary who they have to pay 30 percent in taxes because of the law of cannabis distribution.
If they can use potcoins to pay for their salary then they would be saving those taxes.
It can also be used as a reward system for dispenaries to give potcoins out to customers.

We are planing to give all dispensaries who accept potcoin a bunch of free coins to start to.give them away to clients and getting them to used to using them.

Just because mediswipe offers 1 solution doesnt mean potcoin is now useless..

People have 4 or 5 credit cards or debit cards. Merchants can accept multiple methods of payment.

Potcoin is working on a few ways to pay merchants, exployes and bills.  We are working directly with dispensaries to see how potcoin can help them and make solutions to help them be more secure and facilitate the daily transactions.

I waited at most dispensaries to get cash from the atm then again in line to pay.

Potcoin is way easier i find.

Viceroy id like to know what you think about better solutions.

Hey Smokemon I proposed a rewards type of system awhile ago when the coin was just getting off the ground. The basic idea was merchants/dispensaries/whoever gives out Potcoin as a "rewards" type of promotion for buying products at their stores. It gets into circulation, into the hands of people who would actually turn around and use the coin. Not just dump them on the market...well hopefully.

Anyway just thought I would bring it up again...might be a good way to approach dispensaries about the coin.